Joint oil exploration deal with China: Duterte OK with 60-40 split in PH's favor

Joint oil exploration deal with China: Duterte OK with 60-40 split in PH’s favor

/ 09:40 PM August 08, 2019

MANILA, Philippines—President Rodrigo Duterte on Thursday said he would push for the “exploitation of natural resources” in the West Philippine Sea through the joint oil exploration deal with China when he meets Chinese President Xi Jinping later this month.

Duterte said he doesn’t see anything wrong with China’s proposal to split oil resources in the West Philippine Sea in Manila’s favor.

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“They have proposed a 60-40 (deal), okay na ‘yun para sa akin,” Duterte said. “But that could be a later topic if we have time.”

The Philippines and China signed a memorandum of understanding (MOU) for oil and gas exploration during Xi’s state visit to the country last year.

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READ: Welcome gift to Xi: Oil exploration deal

In his impending fifth visit to China, Duterte said he will also raise the delay in the formulation of the South China Sea code of conduct, the Philippines’ arbitral victory against China, and other key maritime issues.

READ: Duterte confirms he will raise arbitral ruling in next China visit

READ: Duterte: China delaying completion of South China Sea Code of Conduct

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The Philippines, along with fellow Southeast Asian neighbors Brunei, Malaysia and Vietnam, have overlapping claims to the sea along with China. Despite an agreement to refrain from undertaking provocative actions, China has continued to expand and militarize territories that it claims in the maritime region.

In July 2016, the Philippines sealed a historic win against China before the United Nations-backed arbitral tribunal in The Hague, which invalidated Beijing’s sweeping claims to virtually the entire South China Sea.

China, however, has refused to honor the ruling.

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TAGS: China, local news, Malacañang, nation, national news, News, oil, Philippine news update, Rodrigo Duterte, West Philippine Sea
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